HomeMy WebLinkAbout1546 8. To perform, oaaply with and abide by each and every stipulation, agreement, corxtlhoa aM covenant is said promssory note slid deed
set forth.
7. la the event the jurisdiction d the U. S. District Court shaD be invoked by or the Mortgagorunder nay of the provisions of the
Federal Barksvptcy Act, such action. whether voluntary or involuntary on the pmt d the Mortgauor, sha11 automatknlly. without notice, no-
ceknte the maturity of all soon: of nrarey herein desrxibed and secured, and tLe same shall thereupon become dos and payable. forthwith
as fully as iE the said aggregate sum: of nreaeY wore aiguully stipulated to bs pad on snch data
8. To deliver to aid Mortgagee ao a before I?farch 15th of eadr Year, ter: receipts evidendng the payment of all lawfully imposed tares
for the ppce~oediag plwdu year. an~ to deliver to aid Mortgagee, receipt: evidencing the payment of all Hers for pubUc improvements within
ninety (80) days after the same shall become due and payable, and to ppaay err discharge within ninety (90) dari after due date, any and all
govemmeata) levies that may be made on the mortgaged p~op~ty. an this mortgage or note, err to any other way resulting from the Mortgage
indebtedness secured by this mortgage; and if ibis condition- be not co with and performed, saW uartgages may pU' such sum a swm
which shall become part of the debt secured by fhb mortgage, and shall lateral d the defauk rate provided is sad promissory note
payabb mor?thly until paid or aid Mortgagee may elect that said mortgage debt thereupon beoase Zoe and payable forthwith.
9. It is further ooveaaated and agreed by saki parties that is the event of a suit being ia:tituted tD foreclae thb mortgage. the Mortgagee
shall be entitled to apply at any time pending such faeclaauro suit to the court having jwisdiction thereof for thewgtment of a receiver
of all and singular the mortgaged .and of all the r~tt. incases, profittss,, issue and revenues thereof. from acorns derived•
and thereupon it b hereby exPr~ooveaanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property. alb
and sioguLr, and of such rents, incoanes proHb, issues and revenue thereof. from whatsoever source derived. with fife usual powers a~
duties aofF receivers in like cases: and such appointment shall be rsade by such oorut a: a matter of strict ri8ltt to the Mortgagee, its successor:,
k~a1 represeatalives a assigns, and without reference to the adequacy err inadequacy of the value of the p hereby mortgaged, or to the
so~wr~cy or insolvency of the Mortgagor, and that such rent, profits, in iarsa and revenues :baIl be ry~ by such receiver to the pay ,
meat of the mostgage iadebtednas, cosh and ebarges. tocording to the ader of snc~ oonrt. s
10. If all err any part of the property err~n interest therein Is sold a transferred by mortgagor without mortgagees prior written consent,
ezclud~ingg (a) the creation of a lien or eacurabranoe arbordinate to this mo~t~ge, (b) the creation of a purchase money security interest far
hontebold appliaaoes, (e) a transfer by devise err desamt, a! by openHas of law upon the death of a ioint tenant, or (d) the grant of air `
leatehold interest of three gears or lea not c~t~ining as option to rrhate, may, at its option, declare aII the sums secured by
this mortgage to be immed telz due and payable. 1?~ortgagee shall Lava waivedoption to accelerate if prior to the sale or tnmfer, z
mortgagee and the person to whom the property is to be sold or transferral reach agreeonsat is writing that tyre credit of such person is at-
iafnctory to Mortgsgse and that the interest payable os the rams sxured by. this mortgage :haII be at sack me u Mortgagee shall request.
11. That to the event the premises hereby mortgaged: or any part thereof. thalf be condemned and taken for public use under the poorer
of eminent domain, the Mortgagee :ball have the right to demand that aD damages awarded for the taking of or .damages to said premt~es
shaII be paid to the Mo up to the amount then unpaid on this mortgage and at the optics of the ortgagee may be applied upon
the payments but pyableeos. ~ -
I2. The swrtgagor binds himself not to erect or permit to be era•ted any nev? buildings an the premises herein mortgaged or to add to
or permit to be added b nay of the existing improvement therem a make any ~n~es a alterations in said improverrreats which materially
charge the same a the use thereof, without the written consent of the Mo~tg~gea, and in the event of any violation err attempt to violate this
stipulation this mortgage and all sums secured hereby shall immediately become due and oollatibb at the option of the Mortgagee.
se u3redlhereby~fahall~at tay~time~bet held to bye a~wai ~ternrs he~reof~ar of the iashvmmt~~
Byer or of the obligation
14. If forerlcaure p of any second mortgage or second trust deed or junior lien of a~ kind should be imtituted~ the Mort-
gagee may, at it: optiosnx~ t~? or thereafter declare this mortgage and the rode secured hereby due and payable forthwith, and
may at its option proceed to foreclose ibis mortgages
15. To the extent of the indebtedness of the Mortgagor to the described herein or secured hereby the Mo~t~geo w hereby. j
subroga~ed~to~the lien or 1i~ and to the right of the owners and holde4~emof d eat and every lien err alder incvmbrance os the
Land described herein which is paid and/or atisfied in whob or in part oat of the proceeds of the kraa herein or secured herebyl
and the respective liens of said gages, liem or other incambranoes sbaII be and the same and arch of them hereby is preservai and s6aII
pea to and be held ~y the Matga
hgee
stria as sec+sdty for the indebtedness to the M herein described or herby secvrod, to the same
extent ibat it world have been preserved and world have bees paaed to and been ~ ibe M gee bad it been duly and regnLrly
assigned, traffiferred, set over and delivered Hato the M ~y separate deed of assignment natainding the fact that the same may
be satisfied and c~nodled of record, i< being the inteatios d the parties heroin that the snore wiD be atisfied and ancalkd of record by the s
hokkrs thereof at or abort the titre of the recording of thb mortgage. -
18. To pay aII and siaguhr the costs, charges and expem~a,
indudLsg Lwyer's fees. reasonably incun~ed or paid at any time b'Y the Mort-
, gages, because of the failore of the Mortgagor deadtMr and with and abide by each and every the stipalatwat, agreements. caoditiom,
and covenants of said pramiaoey note od this a ,and every such payment shy best interest from date at the default rate pro-
vided in saki promissory note.
'i 17. When uuryry amormt of to be paid by the M to the Mortgagee radar the terms hereof :baII be io default, or ahoWd the
Mortgagor debdt in any of the other terms. oroiHop of this Mortgage, then and in that pee the Mortgaeee~ ~
j right. witboat notice to the Mortg~sgor, m ereoeive from any tenant or lessee of aid mortgaged premiss the
profits of the real estate hereby mortgaged and the improvemesb thereon, and to give receipts and aogrdttanoes therefor, and after
all oommiuioos of a~ rental agent collecting the same, and any reasonable attorne s fen and other neosary e:pesaes incsrred in
a to apply the proceeds of arch ooOecKans upon anp in obligation or liability. of the Mortgagor hereunder. The
right graated~ Mortgagee render this paragnph shaIl be is addHion~ not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
4 18. If the Mortgagors at the time of making this Mortgage or sasl i~ thereto take not life insurance designating the Mortgagee herein
es beneficiary with a oompa~ approved ~,y the Mortgagee err assigns to the M for the purpose of securing the loan
be then the Mortgagee sbaD bavs the right to pay any remiam aorndng adder sad policies, and all sums so asi~~x~ be
added to
amend
~eoome a part of the indebtedness seeur+ed this Mo~gage and ~aII be peel by the Mortgagor to the Mortgagee
in twelve equd consecutive monthly ipi~b, the first monthly inatallmeat to be.patd as a part of and in addition to the monthly payment
due under thin Mortgage is the first cxkndar month following the impending of sad sum. Sncb sums so rspeaded b bear interest at the rate
at which merest is payabb upon said Principal indebtedness and the ilea of this Mortgage shaD extend b and secure the snma so e:perded.
together with interest thereon as herefnbefon provded.
19. At 'a optkrn, with and is addition to the monthly payment of and interest payabb ender the terms of the
note securednr 16e , Mortgagorpay to Mortgagee each month untII said note it 6~~ doe-twelfth (1/12) of a sum to the
annual premium ring for fire. extended covenge, and other ha~srd imnnnoe including inrfnrmce, ooverir?8 the n tLen~~Y•
~ plus to:es and assessments Wert ring as the mostgsged (afl as estimated by Mortgagee) leas all su®s already paid .and to be
divided by the armrbar of months to elapse prior to the dap
ts~w~bea sack taxes and aaessmmts shall become delinquent. Said sums shaII be
held by Martgag m trust or credited to" the prindpal of the loan, to par :aid insru.nee, taxes. and aaeameats sad shaD be applied oa the
payment tt?ereof pwben due. A~ excess held in trmt by Mortgagee when sad ban is pad is fuIl sbaIl be pakt to Mortgagor, or his
or persasd represtatatives. Ini the event of a defanh or forecbs .said sums held in trust may be applied on an)? coats of damages Slmste~
in connection with the ooDectioa of the note secured hereby whether by snit,foredosnre, ar otbervrise. Mortgagee may Pram time to time at
its option waive, and after any such waiver, reinstate a~ err all proviskfns hereof requiring arch deposits, by rwtioe to Mort grrr in writing.
While any arch waiver is in effect, Mortgagor shall pay taus, assessment and iaaranoe premiums ss herein elsevvbere provided.
20. Mortgagor shsII comply with the provisiom of ta7? lease, if ibis mostgage is oa a leasehold. If this mortgage is oa a oosdominium fit,
- mortgagor shaD lerform afl of mortgagoes obligatk?es render the dedantian of cosdominionn or master deed, the by-lava and regulatiar of
z the condominium project sad ooastitneat documeab. Mortgagor farther eoveaanb that he and the association rd~pa~bb for the operation
s of the condominium wen observe all of the provisions ~ the said d tom, and say amendments thereto. and of the Condominium law of
the state, and well perform aD obligations therermder- and a faffnre to
dop~ whkh b not cugreed within 30 after nottas givsa by the Mort-
by v~vay ti~thaat he and the~aodation~iAl observe aII
~
the mess of ad iedara~tio~a~
~reLtia~insu~ranoe
j coverage• .
21. Mortgagor farther covenants and agrees that at the request of Mortgagee to fnrnisb a standard termite bold insruing against damage
by iafestat~n ao the bnikiings now or hereafter boated on the mortgaged p . in sud? amounts and terms, and with arch company as
approved and required by Mortgagee; and io the event Mortgagor does not ~ with this caveaant Mortgagee sbaII have the same rights
to obtain same as insoranoe coverage under covenant ~3 hereof.
22. That io the event that this mortgage is given to secure a coast ruction ban, failure on the part of the Mortgagor or the Mortg~rgor
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ooatractor, architect, engineers, of rub-contractors ~ to comply with the terms of the Cophuctioa Zoan ~~~~at of even date herewith,
~ which is by reference incorporated herein, shall, at the option of the Mortgagee, oonstttute a dehnh Lereunder.
23. If the mortgaged premiss is other than a one to font family dwelling. the M ga ooveaants sad agrees that he wiD, not Later
than thirty (30) days after the sad of the fkal year furnish unto the Assodatioa a oa pkte~and aocnrate balance sheet and profit sad ba
atatemest reflecting the Mortgagors liabilities as welj as pr~it and bas for the final Year. and sack balance sheet and profit and loss stato-
meat sl?all be prepared by a certified public aooountaat licensed is the State of Florida, and shall be certified as being correct by sack oertl-
Pied pnbUc aaoouatant. ~Q~K~ PAGf~544
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